Sphere Entertainment, the parent company of Sphere in Las Vegas, has released its fiscal 2024 second-quarter results, covering the three months ending on December 31, 2023. The company showcased its achievements and significant partnerships during this period.
According to the latest unaudited report, Sphere Entertainment’s total revenue for the fiscal 2024 second quarter was $314.2 million. This includes $146.4 million in revenue from MSG Networks and $167.8 million in revenue from Sphere.
However, Sphere Entertainment reported a total operating loss of $159.7 million for the same period, a significant increase from the $49.7 million loss reported in the previous year. In this quarter, Sphere’s operating loss was $193.9 million, while MSG Networks posted an income of $34.2 million.
On the positive side, the total adjusted operating income reported by Sphere Entertainment was $51.4 million, with $37.3 million attributed to MSG Networks and $14.1 million to Sphere.
In January, the company announced a major partnership with PepsiCo, designating the food and beverage company as an official partner of Sphere.
James L. Dolan, Sphere Entertainment’s executive chairman and CEO, described Sphere as the next level of entertainment arena that will revolutionize the industry. He highlighted the positive adjusted operating income at the Sphere segment in their first full quarter of operations in Las Vegas and expressed confidence in future global opportunities.
Aside from the financial results, the company also celebrated various milestones and achievements. Sphere expanded its portfolio of partners by collaborating for the F1 Las Vegas Grand Prix and announced multi-night performances with renowned bands Phish and Dead & Co.
The venue also experienced sold-out shows for U2’s multi-month run at Sphere, leading to an extension of their collaboration several times. The 40th and final U2 show at Sphere is scheduled for early March.